Reinsurance Group Of America Inc (RGA) has reported an 137.89 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $198.72 million, or $3.07 a share in the quarter, compared with $83.53 million, or $1.25 a share for the same period last year.
Revenue during the quarter grew 18.94 percent to $2,900.58 million from $2,438.63 million in the previous year period. Net premium earned for the quarter increased 7.77 percent or $162.41 million to $2,251.76 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $2,612.98 million, or 116.04 percent of premium earned from $2,298.50 million or 110.01 percent of premium earned in the last year period. Operating income for the quarter was $287.60 million, compared with $140.14 million in the previous year period.
Net investment income was at $489.73 million for the quarter, up 25.70 percent or $100.13 million from year-ago period. The company has recorded a gain on investments of $86.62 million in the quarter compared with a loss of $111.35 million for the previous year period.
Greig Woodring, chief executive officer, commented, “This was another good quarter, and we are pleased that we have been able to continue delivering strong bottom-line results and solid overall momentum, despite ongoing macroeconomic uncertainties. It was another quarter in which diversified earnings sources, inherent in our global operating model, were key to a positive result.
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